The Woman’s Exchange Inc of Sarasota is a non-profit, tax-exempt organization with a central purpose of supporting and enriching a variety of programs for local cultural organizations. Funds for this purpose are realized through a consignment operation in which merchandise is accepted either for donation or for consignment to be sold in its store. Grants and scholarships derived from the earnings of this store are used to enrich and strengthen arts-related programs and to encourage creativity in organizations and individuals throughout the community.

The Woman’s Exchange is a self-sustaining, debt-free organization of vital importance to the community. Through the consignment operation, which consists of more than 230 volunteers and 5,000 consignors, the Woman’s Exchange has awarded a total of more than $7 million in grants and scholarships to support the arts of Sarasota and Manatee counties.

At the most recent awards ceremony, held in June of 2013, 58 grants and scholarships, totaling $256,000, were awarded to local cultural organizations and students pursuing higher education in the performing and visual arts.

Not as well-known is the fact that numerous humanitarian organizations, as well as those who benefit from their services, regularly receive donations of household items and clothing worth millions of dollars.

Over the past two years alone, Woman’s Exchange has also paid out more than $3.5 million to its consignors, providing additional income to thousands of residents.

Background

Most people recognize the Woman’s Exchange as a key supporter of the arts, but what many don’t realize is that the Woman’s Exchange was there from the beginning, long before Sarasota was considered a cultural arts center.

Incorporated in 1962, before major organizations such as Van Wezel, Sarasota Ballet, Florida Studio Theatre and Selby Gardens ever existed, the Woman’s Exchange, a non-profit consignment store, was initially established as a means of financial support for the Florida West Coast Symphony, now known as the Sarasota Orchestra. With an entrepreneurial spirit and a true vision, a small group of dedicated women decided to start a 501 (c) (3) business that would not only be self-sustaining but, also enable them to financially support the arts long after they were gone. Within one year, the store generated enough money to not only cover its operational expenses, but also award the symphony with a check for $3,800, a large sum at that time. In 1966, the board of directors voted to broaden their base of support to include a variety of cultural groups and activities and that year the monies earned were given to several cultural organizations.

As the Exchange grew and prospered, there was constant need for larger quarters. Four moves were made before the Exchange established a permanent home at 539 S. Orange Ave. in Sarasota’s Burns Court, on the U.S. National Register of Historic Places.

For most businesses, 12,000 square feet of retail space would be more than sufficient, but not for the Woman’s Exchange, which continues to evolve and expand. In September of 2011, thanks in part to the Selby Foundation; the Woman’s Exchange underwent a major renovation and design initiative enabling them to better meet the needs of their loyal shoppers and consignors. At the time of the renovations, the Woman’s Exchange was accepting consignments from an average of 1,300 consignors a month and processing roughly 11,000 unique times during that same time period. The grant received from the Selby Foundation was the first grant for which the Woman’s Exchange ever applied or received. All operational, grant and scholarship monies are generated through sales made at their retail store and the good old fashioned hard work of its staff, volunteers and loyal shoppers.

In 2012, the Woman's Exchange purchased the lot directly adjacent to its existing location with plans for future development and expansion.

Needs

Support from individuals who share the Woman’s Exchange’s vision and mission to support the arts of Sarasota and Manatee counties are enthusiastically accepted and appreciated. To help us surpass our 2013/2014 goal to award an impressive $250,000.00 in grants and scholarship, the organization's five most pressing needs are:

· Charitable Endowments – Together we can have an even greater impact on the Arts of Sarasota and Manatee counties and in the lives of area high school and college students. The Woman’s Exchange is one of Sarasota’s largest scholarship providers; imagine what we can accomplish together.

To encourage creativity, grants are awarded annually that support and enrich a variety of programs for local Sarasota and Manatee county arts and cultural organizations.

SCHOLARSHIPS AWARDED TO FURTHER STUDENTS' ARTS EDUCATION

Merit scholarships are annually awarded to area high school and college students pursuing a higher education in the performing and visual arts.

The VISION of the Woman's Exchange is to touch the heart and stimulate the creative mind of every adult and child in Sarasota and Manatee Counties, by financially supporting a vast and artistically diverse group of organizations, as well as students who aspire to be the world’s next generation of cultural influence.

Budget$250,000

Category Arts, Culture & Humanities, General/Other

Program linked to organizational strategy?Yes

Population ServedAdults Adolescents Only (13-19 years)

Short Term Success

To award a minimum of $250,000 in grants and scholarships during the Woman's Exchange's 2013/2014 fiscal year.

Long Term Success

Ongoing year-after-year growth.

Program Success Monitored By

Based on fifty years of experience, the Woman's Exchange is proficient in not only evaluating applications for merit but also in monitoring the distribution of funds once a grant or scholarship has been awarded. Grants awarded are not paid until after the project has been completed and proper documentation provided and reviewed. Scholarships are mailed directly to the school.

Individuals can designate participating charities to receive consignor's profits, which is 65% of the sale price.

Budget$0

Category Arts, Culture & Humanities, General/Other

Program linked to organizational strategy?Yes

Population ServedGeneral/Unspecified

Short Term Success

To have a total of ten organizations actively participating in the program by the end of 2014.

Long Term Success

To help provide local art and cultural organizations with an ongoing source of revenue, further supporting the Woman's Exchange's mission.

Program Success Monitored By

The success of this program will be monitored by the amount of money paid out monthly/annually to local art and cultural organizations, based on the number of items consigned and sold under their specific consignment number.

Examples of Program Success

During the 2012/2013 fiscal year, the Woman’s Exchange paid its consignors more than $1.9 million. Imagine the positive impact that consigning with the Woman’s Exchange could have on any area organization that actively solicited from their patrons donations of gently used furniture, clothing and household items.

$42,218.55 worth of unsold merchandise was donated during the 2012/2013 fiscal year.

Long Term Success

Community Outreach – The overall goal of this program is to lend support to other non-profit humanitarian organizations. Donated merchandise can either be sold in their thrift shop or used to help those in need.

Program Success Monitored ByMerchandise donated is tracked through an inventory based program and monitored on a monthly basis.

The consignment operation plays a critical role in the fulfillment of the Woman’s Exchanges mission. In addition to supporting numerous arts and cultural organizations, the Woman’s Exchange pays it consigners more than 1.5 million dollars annually further supporting the local economy.

Short Term SuccessDuring the Woman’s Exchange’s 2012/2013 fiscal year, a total of $1,971,936.00 was paid out to the organizations more than 5,000 consigners.

Long Term Success

In the past five years alone, more than $7.5 million was paid out to Woman’s Exchange consigners, all of whom live and play locally.

Program Success Monitored ByAll consignment sales are tracked through the Liberty software program, which ties to QuickBooks. Consignment checks are cut the last day of the month and are mailed to our consigners by no later than the second week of the following month.

Examples of Program Success

Not only did the Woman's Exchange filter $1,971,936 dollars back into the community during their 2012/2013 fiscal year but a total of 135,990 items, 7,431 of which was furniture were kept out of the landfills. Due to the success of the consignment operation, the Woman's Exchange was also able to award a total of $256,000 in grants and scholarships during that same period.

Comments

Program Comments by Organization

We at the Woman’s Exchange take great pride in being excellent stewards of what we’re entrusted with, whether it’s a cash donation, a donation of merchandise or items to be consigned. Maximization is our goal and “Waste Not, Want Not” our motto. With that in mind, although the “Unsold Items Donated to Local Charities” program listed above does not directly align with our mission, it does enable us to make the most of what’s been given to us and follows the organization's founding practices of reuse and community partnerships.

Since the primary goal of the Exchange is to sell as much merchandise as possible through the organization's consignment operation, a budget amount was not assigned to the “Unsold Items Donated to Local Charities” program. An inventory tracking system is, however, used to monitor all donated merchandise with dollar amounts tied to the organization's monthly financials.

CEO/Executive Director

Executive Director Karen Ruth Koblenz

CEO Term StartAug 2010

Emailkkoblenz@sarasotawex.com

Experience

Karen Koblenz, Executive Director and CEO, is just entering her 4th year at the Woman’s Exchange and is responsible for the recent remodel and upcoming expansion. Under her guidance, the Woman’s Exchange went from an operating budget of $2.1 million to more than $3.1 million in three short years.

Karen brings to the Exchange more than 19 years’ experience as an operations executive. Ten of those years were spent at the Pelican Press as general manager. Karen also held the position of Vice President of Sales and Marketing for Scene Magazine and was a corporate trainer for NRS.

Staff

Full Time Staff9

Part Time Staff12

Volunteers260

Contractors1

Staff Retention Rate %55

Professional DevelopmentYes

Management Reports to BoardYes

Organization Plans

Fundraising PlanNo

Communication PlanNo

Strategic PlanNo

Strategic Plan YearsN/A

Strategic Plan Adopted 0

Management Succession PlanNo

Policies and ProceduresYes

Continuity of Operations PlanNo

Former CEOs

Name

Term

Manager Helen Maniscalco

Mar 2000 - Sept

Senior Staff

Name

Title

Trish Ivey

Volunteer Coordinator

Formal Evaluations

CEO Formal EvaluationYes

Senior Management Formal EvaluationYes

NonManagement Formal EvaluationYes

Collaborations

Whether it’s through the Exchange’s “Grants and Scholarship Program,” a “Consignment Partnership,” or its “Donations to Local Charities Program,” the Woman’s Exchange prides itself on collaborating with a number of non-profit organizations to help further support their missions.

Unsold clothing, household items and furniture are regularly donated to other worthwhile non-profit organizations such as Pines of Sarasota, Habitat for Humanity, Resurrection House and the Florida Department of Children & Families.

Organizations such as the Cancer Community Center, Senior Moves, the Wildlife Center and numerous others also benefit from consigning items donated to their cause through the Woman’s Exchange. Unlike the majority of the consignment stores in Sarasota and Manatee counties that pay their consignors 50%, the Woman’s Exchange pays its consignors 65% of the total sale.

Governance Comments by OrganizationIn accordance with the general principals in which the organization was founded, the Woman’s Exchange is made-up of a working board. Although financial support is always welcome and greatly appreciated, it is in no way a prerequisite required of board members.

Although the Woman’s Exchange does not have an established endowment at this time, the organization does have policies in place that govern how gifts of money are to be allocated. Please see below an excerpt from the Woman’s Exchange’s bylaws.

ARTICLE XI

ENDOWMENT FUNDS

Section 1: Establishment of Funds.

By appropriate resolution, the Board of Directors may establish Endowment Funds into which monies may from time to time be deposited, which shall be kept separate and apart from any other funds of the Woman's Exchange, and which shall be considered Trust Funds and used or expended only in the manner herein provided. It is the intent hereof that in the administration of the Endowment Funds, the Endowment Fund Committee shall be guided by the wishes of the donors to said Fund in the use and disposition of any monies deposited therein, consistent with the purposes and intent of the Woman's Exchange operations.

Section 2: Administration of the Funds.

A. The Endowment Funds shall be administered by the Treasurer. At least quarterly the Endowment Fund Committee shall report, in writing, to the Board of Directors, the status of the Fund as to income, principal and any disbursements therefrom. The quarterly report shall also contain any recommendations to the Board of Directors for the expenditure of monies from the Fund.

B. The Endowment Fund Committee shall be responsible for investing monies deposited into the Funds and shall maintain (separate and apart from the other monies of the Organization), the accounts necessary for such purposes at a local depository selected by the Board of Directors. No withdrawals or disbursements of income or principal from any such account or accounts may be made except upon:

(1) the approval of the Board of Directors; and

(2) thereafter by checks or drafts requiring the signatures of the President of the Board and the Chairperson of the Endowment Fund Committee.

C. The Committee shall at each annual meeting, provide a comprehensive report to the Board of Directors respecting the gifts, investments, income and disbursements, and any other relevant information with respect to the Endowment Fund.

Section 3: Intent Respecting the Use of Funds.

It is declared to be the intent and purpose of the Organization in establishing Endowment Funds, to maintain and/or expand the programs of the Organization consistent with the written expression of the donor or donors, by applying a conservative approach consistent with the goals and aims of the Organization.

Financial Comments by Foundation

Financial figures taken from audit documents and reflect gross consignment purchases and revenue. Consignment payouts are included as program expense. Also see IRS Form 990s.

Related Information

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THE COMMUNITY FOUNDATION OF SARASOTA COUNTY, INC. IS A REGISTERED 501(C)(3) NON-PROFIT CORPORATION.
A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER
SERVICES BY CALLING TOLL-FREE WITHIN THE STATE (1-800-HELP-FLA) OR FROM THE WEBSITE:
WWW.FRESHFROMFLORIDA.COM.
REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. ONE HUNDRED PERCENT (100%) OF
EACH CONTRIBUTION IS RECEIVED BY THE COMMUNITY FOUNDATION OF SARASOTA COUNTY. REGISTRATION #SC-02471.

Published profiles in The Giving Partner do not indicate endorsements by partner foundations.